Impax Asset Management completes Sky Harbor European assets buy

(Alliance News) - Impax Asset Management Group PLC on Tuesday said it has completed the acquisition of Sky Harbor Capital Management LLC's European assets.

The London-based investment manager said the European-based assets it has purchased had GBP1.1 billion in assets under management and advice at the end of February.

The company said the strategies include the US Short Duration Responsible High Yield strategy and the Global Short Maturity Responsible High Yield strategy.

Seven Sky Harbor employees have joined Impax including Head of Investing David Kinsley, who will co-manage the strategies with Stefan Balog.

Impax has also bought Frankfurt-based Sky Harbor Capital Management GmbH as part of the transaction.

Chief Executive Ian Simm said: "The completion of this transaction significantly furthers our strategy to build scale and capabilities within fixed income. The Sky Harbor team's deep expertise and track record in short-duration high yield investing will complement our existing offering and enable us to offer our clients a wider range of solutions within credit markets."

Shares in Impax Asset Management were up 3.2% to 186.40 pence in London on Tuesday afternoon.

By Michael Hennessey, Alliance News reporter

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